Oil is testing the downside reversal breakout resistance
Oil is rejected by the strong upside resistance 42. A daily close above this level is required for the upside continuation after the channel 30 level break. We are seeing a test of the downside reversal breakout resistance 34.20 and a confirmed break below this level is valid for a high probability of short entry. You can notice that the Stochastic Oscillator is coming from overbought levels as an early warning.
Note – Look for the short trade entries in the case of a break below 34.20 in the coming sessions
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For continuations and reversals patience is required above all
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